| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Press Release |
| Series Details | IP/09/1434 (7.10.09) |
| Publication Date | 07/10/2009 |
| Content Type | News |
|
The European Commission approved, under EC Treaty state aid rules, a temporary increase of the guarantee for a portfolio of securities of German Landesbank WestLB. The aid measure amounts to €6.4 billion and is provided by SoFFin, a fund administrating the German support scheme for financial institutions. WestLB is currently in the process of implementing a restructuring plan that was approved by the Commission in May 2009. The plan foresees, among other measures, the creation of a 'bad bank', which will ensure that the bank can return to viability. The aid subject to today's decision is in line with the Commission's Communication on state aid to banks during the crisis, as it is necessary for the creation of the 'bad bank'. |
|
| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/1434&format=HTML&aged=0&language=EN&guiLanguage=en |
| Related Links |
|
| Subject Categories | Internal Markets |
| Countries / Regions | Germany |
